Ingram profit misses forecast
Ingram Micro Inc., the biggest computer and electronics distributor, said second-quarter profit missed its forecast after it set aside $15 million to cover losses from a Securities and Exchange Commission probe.
Profit in the quarter ended June 30 was $50 million to $56 million, or 29 cents to 32 cents a share, after the SEC-related costs, Santa Ana-based Ingram Micro said. That missed an April 26 forecast of $59 million to $65 million.
For the record:
12:00 a.m. July 7, 2007 For The Record
Los Angeles Times Saturday July 07, 2007 Home Edition Main News Part A Page 2 National Desk 1 inches; 47 words Type of Material: Correction
Ingram Micro: A brief item Tuesday in the Business section about computer and electronics distributor Ingram Micro Inc.’s earnings said second-quarter profit missed the company’s forecast. Although Ingram is expected to miss its forecast, the numbers released were not final results; those will be reported July 26.
Ingram’s $15-million, or $9 million net of taxes, cost is intended to cover expected losses stemming from an SEC inquiry into transactions with Santa Clara, Calif.-based software maker McAfee Inc.
